US Treasury Secretary Scott Bessent on Monday described the American-led initiative to reopen the Strait of Hormuz as a 'humanitarian effort' essential for safeguarding global supply chains, including liquified petroleum gas (LPG) used by over a billion people in India for daily cooking. Speaking to Fox News, Bessent said the plan, dubbed 'Project Freedom,' aims to escort commercial vessels through the strategic waterway, which has been largely closed due to attacks attributed to Iran.

Bessent claimed that during the World Bank Spring Meetings, representatives from several vulnerable nations appealed to the US to restore shipping access. He asserted that Iran's naval capabilities had been reduced to 'a band of pirates' and dismissed Tehran's military posture as propaganda, adding that Iranian leadership was in hiding. He also alleged that the Iranian economy was collapsing, with soldiers at risk of going unpaid.

The Treasury Secretary accused China of enabling Iran by purchasing 90% of its energy exports, calling Beijing a financial backer of the world's largest state sponsor of terrorism. He urged China to support the US-led operation ahead of an expected meeting between President Donald Trump and President Xi Jinping. Despite the US push, the Strait of Hormuz remains largely closed, and a US-imposed maritime blockade on Iranian ports is ongoing.

Regional tensions escalated after the United Arab Emirates, a US ally, reported an attack from Iran that injured three Indian workers, marking the first such incident since a fragile ceasefire last month. Talks for a permanent end to hostilities have stalled. The US expects dozens of oil tankers to begin moving through the strait soon, citing increased production from the UAE, OPEC members, and record US output to stabilize energy markets.